logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Share:
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for pten
FlashRatingsHOT
20 Oct 14 18:59:34
$PTEN has 4 analyst ratings in the last 7 days and 100% are positive. Median target: $36 (47% upside). https://t.co/xRfmOox3tw #PTEN
MICHAEL FILLOON
20 Oct 14 17:32:44
Patterson-UTI Energy's PT cut by RBC to $36.00. outperform. http://t.co/mISk3h7QOW $PTEN #PTEN via @RatingsNetwork http://t.co/ucgCUg8F7Z
Who wants to know?
20 Oct 14 17:32:37
RT @StockSignaling: Movers and Shakers: Recently Upgraded: $ETFC $STI $AIG $BK $CA $XLNX $QLGC $GOOGL $PTEN $GS $HLT $UNH $AMD $NBR $FITB h…
Stock Signaling
20 Oct 14 17:31:43
Movers and Shakers: Recently Upgraded: $ETFC $STI $AIG $BK $CA $XLNX $QLGC $GOOGL $PTEN $GS $HLT $UNH $AMD $NBR $FITB http://t.co/Vtx6dLy0Nw
Stock Moo
20 Oct 14 14:53:19
$pten: Patterson-UTI Energy Announces Completion of Previously Announced Pressure Pumping Acquisition http://t.co/06M4Q1SfyG
Colin Macleod
20 Oct 14 14:26:31
6 Death Cross Patterns worthy of your watch list http://t.co/WBd6ES7L5D $EBAY $GG NGD $FCX $PTEN $DVN
Stock Moo
20 Oct 14 13:53:05
$pten: Patterson-UTI Energy Announces Completion of Previously Announced Pressure Pumping Acquisition http://t.co/9m6pgJY1GW
Auto Binary option
20 Oct 14 13:25:19
RT @ForTraders: Patterson UTI Energy : Announces Completion of Previously Announced Pressure Pumping Acquisition http://t.co/O3D0Hzb8ZC $PT…
4-traders.com
20 Oct 14 13:25:04
PATTERSON UTI ENERGY : Other Events, Financial Statements and Exhibits (form 8-K) http://t.co/gvtT84rk35 $PTEN
BV Basic Materials
20 Oct 14 13:23:03
$PTEN Patterson Uti Energy Inc files Form 8-K (Events or Changes Between Quarterly Reports) SEC Filing.. http://t.co/b0s3R5OR0D
NASDAQ
20 Oct 14 13:22:42
$PTEN - Current Report Filing (8-k) http://t.co/C8R1isQugl
Instrumental Data
20 Oct 14 13:19:12
PATTERSON UTI ENERGY INC $PTEN 8-K now available
4-traders.com
20 Oct 14 13:15:05
Patterson UTI Energy : Announces Completion of Previously Announced Pressure Pumping Acquisition http://t.co/O3D0Hzb8ZC $PTEN
$Stocknewsalerts
20 Oct 14 13:12:36
$PTEN Patterson-UTI Energy Announces Completion of Previously Announced Pressure Pumping Acquisition From our Stock News Alerts App
NASDAQ
20 Oct 14 13:12:03
$PTEN - Patterson-UTI Energy Announces Completion of Previously Announced Pressure Pumping Acquisition http://t.co/w6c0nHwYIq
WallStreetConsensus
20 Oct 14 12:33:45
PT Chg 10/20: $NBR, $PTEN, $VIAB, $IRBT, $SLB, $ST, $BEAV, $CMA, $CRI, $PANW, $YHOO, $ATHN http://t.co/UY7mhMH73j
Harry Walkman
20 Oct 14 09:32:41
$PTEN Patterson-UTI Energy (PTEN) Is Today's Dead Cat Bounce Stock http://t.co/1NHuk4gaYC
Peter Smet
20 Oct 14 09:05:56
#Halliburton $HAL sees no slowdown in #drilling despite #oil crude slide http://t.co/COIM0IKGhi #stock picks $NE $PTEN #turnaround
Estimize
20 Oct 14 08:07:01
@pcdunham $PTEN is reporting earnings for Q3 2014 on 10/23/14 – http://t.co/SJzoZSqxaf
Stock Signaling
20 Oct 14 08:02:19
Movers and Shakers: Recently Upgraded: $ETFC $STI $AIG $BK $CA $XLNX $QLGC $GOOGL $PTEN $GS $HLT $UNH $AMD $NBR $FITB http://t.co/Vtx6dLy0Nw
Sleek Money
20 Oct 14 07:38:48
RBC Capital Lowers Patterson-UTI Energy Price Target to $36.00 $PTEN http://t.co/euNXQOQTfd
Harry Walkman
20 Oct 14 06:01:42
$PTEN Patterson-UTI Energy: Navigating The Cycle http://t.co/VbZ32u5tNa
MICHAEL FILLOON
20 Oct 14 05:56:46
Patterson-UTI cut by RBC Capital to $36.00. outperform rating. http://t.co/2UIPqp1bIo $PTEN #PTEN via @RatingsNetwork http://t.co/4cj2zpSOtN
Zubeyr Kamil Açıksar
20 Oct 14 05:49:11
RT @marlentweets: PRICE TARGTE CHANGED: Schlumberger $SLB RBC Capital Mkts Outperform $129 > $117 Patterson-UTI $PTEN RBC Capital Mkts Outp…
Marlen
20 Oct 14 05:49:04
PRICE TARGTE CHANGED: Schlumberger $SLB RBC Capital Mkts Outperform $129 > $117 Patterson-UTI $PTEN RBC Capital Mkts Outperform $44 > $36
Media Sentiment
20 Oct 14 04:20:02
$PTEN received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 49
Analyst Ratings
20 Oct 14 04:18:43
Patterson-UTI Energy's PT cut by RBC Capital to $36.00. outperform rating. http://t.co/OG52Cc1CrF $PTEN #PTEN
US Consumer News
20 Oct 14 04:18:39
Patterson-UTI Energy's PT cut by RBC Capital to $36.00. outperform rating. http://t.co/4MiwPHTgcu $PTEN #PTEN
US Banking News
20 Oct 14 04:12:25
Patterson-UTI Energy Price Target Lowered to $36.00 at RBC Capital $PTEN http://t.co/GQK3EMiF2W
Stock Signaling
20 Oct 14 01:31:36
Basic Materials Sector: Upgrades: $BCEI $HNR $RES $PTEN $NR $NBR $TESO $RS $EQM $YPF $VNOM $DO $APD $CLD $EROC http://t.co/Vtx6dLy0Nw #stock
Colin Macleod
19 Oct 14 15:40:38
October 17 2014 Stock Upgrades to slap on your radar this week http://t.co/xybpO59q0h $TWX $NBR $PTEN $CA $BWA
BP Radigan
18 Oct 14 12:47:53
RT @theflynews: $AKS $AMD $AT $BAS $BWA $CA $CLMT $DHT $EXC $FITB $GS $HP $HLT $H $IPGP $ITC $MAN $NBR $NR $PDCE $ODFL $PTEN $... http://t.…
Alex
18 Oct 14 06:28:28
RT @theflynews: $AKS $AMD $AT $BAS $BWA $CA $CLMT $DHT $EXC $FITB $GS $HP $HLT $H $IPGP $ITC $MAN $NBR $NR $PDCE $ODFL $PTEN $... http://t.…
Sam
18 Oct 14 05:42:47
RT @theflynews: $AKS $AMD $AT $BAS $BWA $CA $CLMT $DHT $EXC $FITB $GS $HP $HLT $H $IPGP $ITC $MAN $NBR $NR $PDCE $ODFL $PTEN $... http://t.…
Denny
18 Oct 14 00:26:35
RT @StockSignaling: Upgrades: $RMBS $MAN $HNR $RES $SON $PTEN $NR $AT $ATO $TD $GS $XLNX $TCAP $FN $HLT http://t.co/Vtx6dLy0Nw #finance #wa…
Kate
17 Oct 14 21:22:43
RT @StockSignaling: Upgrades: $RMBS $MAN $HNR $RES $SON $PTEN $NR $AT $ATO $TD $GS $XLNX $TCAP $FN $HLT http://t.co/Vtx6dLy0Nw #finance #wa…
LVK
17 Oct 14 21:05:51
RT @StockSignaling: Upgrades: $RMBS $MAN $HNR $RES $SON $PTEN $NR $AT $ATO $TD $GS $XLNX $TCAP $FN $HLT http://t.co/Vtx6dLy0Nw #finance #wa…
Denny
17 Oct 14 16:12:31
RT @StockSignaling: Movers and Shakers: Recently Upgraded: $XLNX $QLGC $GOOGL $PTEN $HLT $GS $UNH $NBR $AMD $FITB $BMY $UNP $TSM $SUNE $FEY…
Harry Walkman
17 Oct 14 15:32:22
$PTEN Citigroup Inc. Begins Coverage on Patterson-UTI Energy (PTEN) http://t.co/rckt6zHMTt
MarchingOrders
17 Oct 14 14:34:49
RT @StockSignaling: Movers and Shakers: Recently Upgraded: $XLNX $QLGC $GOOGL $PTEN $HLT $GS $UNH $NBR $AMD $FITB $BMY $UNP $TSM $SUNE $FEY…
Get R Dun
17 Oct 14 14:30:30
RT @StockSignaling: Movers and Shakers: Recently Upgraded: $XLNX $QLGC $GOOGL $PTEN $HLT $GS $UNH $NBR $AMD $FITB $BMY $UNP $TSM $SUNE $FEY…
MarketCurrents
17 Oct 14 12:17:36
Buy land drillers as play on rebounding oil prices, UBS says http://t.co/0W1BSU23A8 $HP $NBR $PTEN
FlashRatingsHOT
17 Oct 14 10:37:20
$PTEN has 3 analyst ratings in the last 7 days and 100% are positive. Median target: $36 (49% upside). View here: https://t.co/ONDSMGNEu9
Stocks Pastor
17 Oct 14 09:23:21
Amazing to see how fast $PTEN can move. From $21 to almost $26 in just two trading days.
Mark Frey
17 Oct 14 08:32:50
SunTrust ups $SWN to Outperform. UBS ups $NBR and $PTEN to Buy.Cowen ups $NBR, $TESO to Outperform; downs $GEOS to Market Perform.
US Stock Ratings
17 Oct 14 08:22:02
UBS upgrades $PTEN from Neutral to Buy http://t.co/i6m1P3PSX7
Stocks Pastor
17 Oct 14 08:17:35
$CSTM, $MS, $PTEN, $NLNK
Briefing.com
17 Oct 14 08:03:37
$PTEN: UBS ups to Buy
Stock Signaling
17 Oct 14 08:01:50
Movers and Shakers: Recently Upgraded: $XLNX $QLGC $GOOGL $PTEN $HLT $GS $UNH $NBR $AMD $FITB $BMY $UNP $TSM $SUNE $FEYE #nyse #stock #dow
Stock Signaling
17 Oct 14 07:31:40
Upgrades: $RMBS $MAN $HNR $RES $SON $PTEN $NR $AT $ATO $TD $GS $XLNX $TCAP $FN $HLT http://t.co/Vtx6dLy0Nw #finance #wallstreet #daytrading
				
				
By  +Follow October 4, 2013 8:22AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.